The Coinbase Advisory Committee released a report stating that the threat of quantum computing is imminent, and the crypto industry needs to develop contingency plans as soon as possible.

Golden Finance reports that on April 22nd, a 50-page report commissioned by Coinbase states that although current quantum computers are not yet capable of cracking the encryption technologies of networks like Bitcoin and Ethereum, large-scale fault-tolerant quantum computers will eventually be built, and the encryption industry must start preparing now. The report was authored by an independent advisory committee, including cryptographers and scholars such as Dan Boneh from Stanford University, Justin Drake from the Ethereum Foundation, and Sreeram Kannan from Eigen Labs.
The report estimates that quantum computers could break current encryption standards in anywhere from a few years to over a decade, with the National Institute of Standards and Technology (NIST) recommending migration to quantum-resistant cryptography by 2035. The report considers this timeline potentially optimistic. Currently, post-quantum cryptography exists and is being standardized, but post-quantum digital signatures could be tens to hundreds of times larger than existing signatures, potentially increasing block size by up to 38 times and posing challenges such as wallet migration. The Ethereum Foundation has proposed post-quantum digital signature schemes, and projects like Solana are also testing anti-quantum wallet designs. The report recommends adopting flexible transition strategies such as hybrid systems to avoid compromising current security while preparing for future upgrades.